On February 29, 2024, Avidity Biosciences, Inc., a biopharmaceutical company committed to delivering a new class of RNA therapeutics called Antibody Oligonucleotide Conjugates (AOCs™), announced that it has agreed to sell 15,224,773 shares of its common stock at a price of $16.50 per share and pre-funded warrants to purchase 9,030,851 shares of its common stock at a price per pre-funded warrant of $16.4990 to a select group of institutional and accredited healthcare specialist investors in an oversubscribed private placement. Wilson Sonsini Goodrich & Rosati advised Avidity on patent matters related to the transaction.

Avidity anticipates the gross proceeds from the private placement to be approximately $400 million, before deducting any offering-related fees and expenses. The private placement is expected to close on or about March 4, 2024, subject to customary closing conditions.

Avidity intends to use the net proceeds from the proposed financing to fund research and development of its clinical-stage product candidates, other research programs, working capital, and general corporate purposes. The proceeds from the financing, combined with current cash, cash equivalents, and investments, are expected to fund current operations into late 2026.

The Wilson Sonsini team that advised Avidity on patent matters related to the transaction was led by Minyoung Shin and included Uale Taotafa, Michael Hostetler, Hee Min Noh, Jen Zeng, and Cassidy Evaristo.

For more information, please see Avidity’s news release.